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Jun 28, 2022 / 17:21

Success of US$3.7-billion ring road project is Hanoi’s pride: City Party chief

The project with a five-year construction period would be seen as gauge of the city's leadership and credibility.

Hanoi identifies the success of the US$3.7-billion Ring road No.4 project as the pride of the city, which requires the utmost effort from every department and unit to ensure the best head start possible.

 Secretary of the Hanoi Party Committee Dinh Tien Dung. Photos: Thanh Hai

Hanoi Party Committee Secretary Dinh Tien Dung gave the remarks at a meeting discussing the construction of the Ring road No.4 project connecting Hanoi and nearby provinces/cities.

The project with an estimated investment capital of VND85.8 trillion (US$3.7 billion) received a go-ahead from the National Assembly last week and is slated for completion by 2027.

With a total length of 112.8 kilometers, the Ring road would run through Hanoi (58.2 kilometers), Hung Yen (19.3 kilometers), and Bac Ninh (25.6 kilometers).

At the meeting, delegates stressed the significance of the project for the development of Hanoi and the northern region.

The project with a construction period of five years would be seen as the gauge of the city’s leadership and credibility.

According to the city’s Party chief, the Ring-road No.4 remains one of the country’s top priority projects, which, once completed, would address the capital area’s shortcomings in inter-provincial linkage, and create a new growth engine for Hanoi and surrounding areas until 2030.

Dung called for departments and units involved in the projects to set a clear timeline and responsibility in the construction of the project.

 Overview of the meeting. 

“There should be no delay in every phase of the project, for which the city should take advantage of unique mechanisms granted by the National Assembly for Hanoi,” Dung stressed.

With site clearance being among the most challenging tasks, Dung called for a thorough preparation with transparency and publicity to ensure the lawful rights of affected households.

The Ring road No.4 project is set to be divided into seven sub-components, for which both the construction and site clearance phases are conducted separately by the provincial/city authorities with finance from the combination of public investment and public-private partnership (PPP).

The total investment cost of the project is VND85.8 trillion ($3.7 billion), with VND41.8 trillion ($1.8 billion) for the 2021-2025 period sourced from the state budget. Of the total, Hanoi would contribute VND22.47 trillion ($967.2 million) from its local budget, Hung Yen VND1 trillion ($43 million), and Bac Ninh VND2 trillion ($86 million).

In the subsequent five years, the project funding would continue to be allocated VND14.5 trillion ($624.2 million), with Hanoi contributing VND4 trillion ($172 million), Hung Yen VND505 billion ($21.7 million), and Bac Ninh VND1.16 trillion ($50 million).

The private sector, meanwhile, is expected to fund VND29.4 trillion ($1.26 billion).